Shiba Inu Whales Command 94.49% Supply as Technical Pattern Signals 39% Rally

A stark warning emerges for SHIB investors as on-chain data reveals just 707 whale wallets now control a staggering 94.49% of the total circulating supply, valued at approximately $2.36 billion. This extreme centralization, tracked by Etherscan’s Whale Concentration metric, dwarfs retail participation, which accounts for less than 2% of the supply. Despite the concentration risk, technical analysts are eyeing a potential 39% rally, with key chart patterns suggesting bullish momentum could outweigh concerns over market manipulation and liquidity.

Centralization and market risks

Analysts state that if these figures reflect actual withdrawals from exchanges, order books could become highly illiquid for SHIB. Such a scenario may result in sharp price swings once large buying or selling orders hit the market, potentially amplifying volatility. Some market observers believe this could also set the stage for a notable price reversal if demand surges.

Mini dictionary: Etherscan is a leading Ethereum blockchain explorer and analytics platform, and its Whale Concentration metric tracks the proportion of a token held by large wallets.

With such a high concentration of supply in relatively few addresses, the likelihood of sudden and pronounced market movements increases. If a handful of these wallet holders decide to sell or move tokens, the impact could be significant given the limited liquidity.

Technical signals and upside potential

According to chart analysis shared on TradingView, SHIB’s extended downtrend may be reaching an endpoint. Technical indicators, including a series of bullish signals from the Relative Strength Index (RSI), have emerged near the local bottom—supporting the outlook for an imminent rebound.

The primary technical resistance is the 200-day exponential moving average (EMA), which is now considered the main price magnet for a potential rally. From current levels, this EMA implies an upside potential of 39%. Analysts note that the 200-day EMA aligns with a historical high-volume trading range, with Shiba Inu’s market capitalization expected to reach between $3.49 billion and $3.54 billion if this target is achieved.

The limited supply of SHIB available on exchanges could accelerate movement toward these price levels if significant demand returns to the market.

Impact on global rankings

If SHIB’s price rises by 39%, the coin’s market capitalization would reach about $3.50 billion. This move could boost Shiba Inu’s position in the global rankings, possibly allowing it to surpass six major cryptocurrencies: Tether Gold, Cronos, PayPal USD, Avalanche, Sui, and Hedera.

At present, SHIB ranks 31st by market capitalization. The projected rally may enable the token to close the gap with competitors and enter the top 25 cryptocurrencies listed by CoinMarketCap.

Should SHIB overtake Global Dollar, which currently holds a market cap of $3.24 billion, the coin would advance to 24th place worldwide in terms of value among cryptocurrencies.

With 94.49% of $SHIB held in 707 wallets, any large-scale move by these holders could rapidly shift the market. Technical indicators point to a potential comeback, with a rebound target that could elevate Shiba Inu into the top 25 cryptos if realized.